Question to the people earning more than 30 LPA, how much tax you pay? How do you save tax?

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Wow, after reading all your comments my head is spinning, I am bearly earning 5 lpa with 1.5 YOE

Can you all tell me how to reach 30 lpa mark fast

My tech: python, SQL, data science

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You only see the salary but don't see the hustle behind that... When was 1.5 yr experienced i was getting 2 lakh pa.
Now i have more than 12 years of experience with A BE and an MBA from tire -2 collage.
And 25 certification in last 1-2 years.
I am a BA and i have done certification on python, data science ML,NLP and many more and i am still not working on these tech stack.
So don't just see the package, everything comes with time and constant effort s☺️ and i feel that i deserve better but then i also know that i have to keep working Hard for that, without comparing with others.

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Very simple. Out of 12 months, 3 months u earn for govt and rest for you and family!

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After you cross certain lpa there is nothing you can do to save taxes..you just calmly watch govt eating into your salary 😂...in my case i don't do anything..i just use new tax regieme

likefunny

I can provide in some calculations: 80C (1.5 lakhs), 80D (Medical expenditure for senior parents, mostly in case of no health insurance 50k), Section 24 (Income from house property 2 lakhs exemption for interest paid on housing loan) and if your house is situated away from office location you can still claim for HRA, Section 80 CCD (paid by employers from the CTC capped at 10 percent max), Section 80CCD 1B (individual contribution max of 50k), Section 80 EEA (additional relief in the home loan interest exemption if property bought after May 2020), Fuel bills (tax exemption), Corporate Mediclaim Topup (adds to the exemption list), EV vehicles do get 1.5 lakh exemption on the interest amount, Food Coupons like Sodexo (capped at 22,400 INR)

likesmart

By just crying out heart out.

Moreover pays tolls and GST again.

likefunny

If you hv CTC above 30, wise thing is to hire a CA.

likesmart

Hiring ca might work well with business people but not employees.

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I pay more than 18 lakh per annum as a tax.

I have salary, capital gain from stocks and some interest from other instruments.

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Try few freelancing company like Andela, upwork.

I work there ,,but they will take your interview and test

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As others have pointed out above, beyond a point, you wouldn't be able to save taxes. At 30% tax, every year, you are working 9 months to pay yourself and 3 months to pay the government (or for social welfare schemes - whatever way you want to see it). This is just direct tax only.

At this level, focus should be on a) Growing Income further b) Growing Investment % every month

Get used to it. There is no way around it. It gets worse as you climb up the ladder further with surcharges kicking in at 50lpa taxable income.

likehelpful

3 months salary = tax

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How about mitigating it a bit with car lease programs?

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You can save around 10l through hra home loan nps standard deduction LTA medical insurance for dependent parents petrol and driver allowance if incase car is in car lease or its an ev on loan you can some more benefits.. but that's it .. for 30lpa it would be north of 6 lakhs with new regime with all the above maybe you can get it down to 4 lakhs that's the max we can save..

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Start to invest so that you can reduce the tax cut by government.. consult some good financial planner, he can help you save some more amount then what you can save by doing investment on your own.

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What should be ideal salary for 10-12 years experience in Java

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not more than 22 for such exp.

helpful

54k after all possible investments

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Home loan, EV loan, political party donations ;) just kidding.. no way to save taxes beyond 30LPA

...

Home loan, Car lease, Medical Insurance, Food coupons, All reimbursement claims, EV, PPF, NPS, etc...

For 30lpa,how much is in-hand and how much taxes? Any rough calculation please.
PS - I m yet to reach there

On Hand may be around 1.8 Lakhs . Tax could be around 30k per month.

Assuming 30 LPA fixed components

It is wiser to move out of India, to a low tax country or to where your tax is used on you.

Easier said than done. A ton of other family and social connect factors people tend to miss out. Also, Indian mentality to save money (just incase types) keeps them on moderate lifestyle abroad as well. So they miss out on living a more richer lifestyle that they could have done in India once home loans are cleared 😅
Just to give another classic example of the family struggles -
Couples abroad invite the guy's & girl's parents for six-six months each, to baby sit their infants n toddlers - which I feel is a disgrace. Why? Coz one of them cannot quit jobs for a couple of years, as it's super critical for both to earn to Survive! So it's still a tougher life abroad than in India. if you earn 1.5-2 lakhs per month, a lot of things can be managed well...India is still cheaper to outsource tasks and live at ease.

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